Royal Bank of Scotland's half-year profits hit £1.1bn

Royal Bank of Scotland's pre-tax profit has risen to £1.14bn in the first half of the year, from £15m a year earlier.

The bank, which is 84%-owned by the taxpayer, has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK. It also announced it had sold an 80% stake in its payments business GMS, in a deal which valued the unit at £2bn.

RBS's results follow upbeat performances from Barclays, HSBC and Lloyds.

Robert Peston reports.